Author: beaconvcadmin

Venture capital arms under 2 leading Thai banks, Kasikornbank and Bank of Ayudhya, participate in the Seed round of Forward DeFi

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Forward, a Thai digital asset and blockchain startup focusing on protocol development for decentralized derivative exchange and DeFi platform, has successfully closed its USD 5 million seed round within just 6 months of fundraising, despite severe economic uncertainty and high volatility in the digital asset landscape.

The round was led by RPVAF-1, a global VC fund under Primestreet Capital, with participation from

  • Beacon Venture Capital from Kasikornbank;
  • KASIKORN X from Kasikornbank;
  • Krungsri Finnovate from Bank of Ayudhya, a member of the Mitsubishi UFJ Financial Group (MUFG); and

together with Ratanakorn Technology Group, GBV Capital and Varys Capital who have confirmed their investments earlier in this round.

Chanon Charatsuttikul, Co-founder and CEO of Forward, revealed that Forward is the world’s first DeFi project to receive investments from global funds and two major Thai banks. “I believe that there is hope for Thailand to become a center of innovation and technology. We have investors who are ready to support new talents. The closing of this seed round, for me, is the beginning of a big challenge for the team to maximize our potential and grow the organization, and help make Thailand stand out as a country of innovation, just like western countries.

“The majority of trading volume occurs at Binance, the world’s largest crypto exchange, and it mainly comes from derivative products. The trading volume of derivative products is approximately 3 times larger than the spot volume and it is still growing. Thus, Forward is focusing on developing a decentralized derivative platform, which is non-custodial with a system that prohibits transactions from sanctioned countries and addresses.  We have a strong team backed by PhDs working day and night to develop a newly invented protocol, called the Automated Position Hedger (APH), which is unlike anything seen before. In addition, we always take it very seriously in terms of legal issues, accounting standards, and the safety of the investors’ assets,” Chanon added.

Asst. Prof. Dr. Udomsak Rakwongwan, Co-founder and Advisor, added that “We aim to develop Forward to be a ‘One Stop Service’ protocol, solving limitation and pain points in DeFi economy. It will be a secure and easy-to-use platform where users can earn sustainable investment returns. This means that the return generated to investors is a result of a solid and sustainable business model that was carefully designed for long-term operation. Our user-friendly interface will reduce the barrier to onboard new users to the blockchain space. For every single line of our coding, smart contract technical auditing is required and it will be performed by at least 2 trusted auditors.”

Supavat Nam Cholvanich, Co-founder and Partner of PrimeStreet Capital, the lead investor of this round, said: “With our finance background, we have a good interest in financial-related blockchain technology. Digital asset is a high volatility landscape, and we highly emphasize the importance of safety and sustainability of the protocol. Our team focus deeply on the tightness of all operating logic and, at the same time, look for a platform with meaningful enhanced features that has the potential to stand out and elevate DeFi ecosystem. We believe Forward is well set up and its DeFi platform should easily navigate through market volatility and grow sustainably in the digital asset world.”

 


About Forward

Forward is a digital asset and blockchain startup, founded by a group of developers and tech researchers. The founders’ prior success was the launch of a well-known regulated crypto exchange in Thailand. Forward is currently developing a newly invented protocol for decentralized derivative trading, where short and long positions are matched against each other using an advanced protocol named Automated Position Hedger (APH). Forward DDEX acts as a counterparty to instantly match users’ long and short perpetual Futures orders. As a result, Forward does not have limit order books and does not require market makers. The risk of the platform acting as a users’ counter-party is completely hedged using the tokens in the lending and borrowing pools.

Beacon VC invests in T2P to strengthen KBank’s status, focusing on B2B2C e-wallet solutions

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To strengthen the status of KASIKORNBANK (KBank), Beacon Venture Capital Company Limited (Beacon VC) has announced its investment in T2P– a leading fintech firm in financial solutions – in order to develop the e-wallet business under the B2B2C model (Business to Business to Consumer). The initiative will allow customers to have a seamless service experience throughout the ecosystem, from application to interbank transactions and payment – both incoming and outgoing – with cost effectiveness. The company aims to advance the e-wallet business in order to provide digital lending while also adding payment acceptance channels.

 

Mr. Thanapong Na Ranong, Beacon VC Managing Director, said, “The company’s investment policy focuses on scouting and supporting innovative startups with potential, with the aim of enhancing KBank services. We have lately conducted strategic investment in T2P Co., Ltd. – a renowned fintech firm with long experience in financial solutions targeting corporate customers under the B2B2C model.

 

The joint investment aims to bolster KBank’s strengths through the e-wallet business order to better serve its corporate customers. This move will leverage the Bank’s strengths in financial business thanks to a strong base of more than 20 million retail customers and financial technology structure, together with the expertise and capability of T2P teams in developing the system for business and financial data linkage, including incoming and outgoing payment, with the aim of creating a seamless service experience throughout the supply chain, from the application process to interbank transactions and money acceptance-payment at the most competitive management cost.”

 

T2P Co., Ltd. is a comprehensive provider of B2B2C financial service solutions such as payment system, funds transfer, and white label e-wallets for corporate customers to settle goods and services payments via numerous channels nationwide. Presently, T2P enjoys a growth rate of more than 70 percent. T2P’s platforms offer services to more than 30 leading corporate clients who have more than 9 million retail customer accounts.

 

Ms. Supaneewan Chutrakul, KBank Executive Vice President, said, “KBank has promoted the use of digital solutions in the development of financial services for corporate customers and customer networks throughout the supply chain.” Strategies in the development of financial solutions to create business opportunities under this joint venture comprise the following:

 

1. Development of B2B2C ewallet to meet the needs of corporate clients of the Bank while also creating a satisfactory experience in conducting inter-bank and e-wallet transactions and in using products with more than 30 corporate clients of T2P, who have a retail customer base of more than 9 million accounts.

 

2. Development of API to link various financial services of KBank with B2B2C clients of the Bank via the white label e-wallet service, which is one of T2P’s strengths like top-up, payment and cash withdrawal services, thus allowing them to fully meet customers’ needs.

 

3. Adopting the technological structure of ewallet to enhance the potential of advanced digital lending. The Bank is considering the adoption of T2P’s technology for controlling and monitoring spending transactions through designated channels and participating stores based on specific purposes, while also facilitating payments for outstanding loans.

 

Mr. Taweechai Pureetip, CEO and Founder of T2P Co. Ltd., said, “T2P has developed e-money platforms and solutions since 2011 to create comprehensive wallet platforms in response to financial and related transactions. The systems developed by the company are designed to integrate with the systems of partners, thus receiving great feedback from leading corporate clients. Additionally, the company aims to further develop more innovations and be a trusted partner in the payment ecosystem for corporations.”

 

This cooperative support from KBank through Beacon VC is another milestone that will strengthen the company’s technological development. The focus is to serve KBank’s corporate customers in offering their own large number of clients more convenient access to financial services of the new era. Moreover, this investment will enhance the company’s capability in coping with the rise of financial technology disruption by developing and expanding the company’s IT personnel to be ready for idea creation and innovations that are constantly changing.